Investment Overview

The South Hill Development is a multi-parcel land sale with an entitlement for 142 total units in multiple mid-rise buildings. The site is located between downtown Puyallup and the South Hill neighborhood, right off of highway 161. The zoning in the area is UCX, Urban Center Mixed-Use. The total development is composed of 6 parcels totaling 13.33 acres. The entitlement is set to include a mix of multi-family and retail, summing nearly 162,000 and 1,100 square feet respectively. The buildings are set to be 4-5 stories and will feature ample parking and EV stalls for both customers and tenants. The apartments are going to have an average size of 1,138 square feet and be broken down into 121 one-bedroom apartments and 21 two-bedroom apartments. The South Hill Development features direct water access with two of the parcels located along a small pond and a quick walk to Bradley Lake. Future residents would also benefit from a close proximity to Pierce College Puyallup, South Hill Mall, and multiple large retailers including Costco, a Walmart Supercenter, Best Buy, and Home Depot. South Hill Mall is notably a super-regional center with close to 1.1 million square feet of gross leasable area and 9 anchor tenants, being only a few blocks away from this gives the development an increase in retail rents and the ability to offer a higher-end restaurant waterfront views to capture part of South Hill’s trade area of over 300,000 people with an average income of over $84,000. Along with the large draw from retail, the Puyallup area is likely to see growth concurrent with that of Tacoma. Growing by over 20,000 in the last 10 years and with plans to expand the Link Light Rail from Seattle to Tacoma, it is likely that the area’s growth will only increase. Puyallup is also expecting growth with expansions coming to the nearby Joint Base Lewis-McChord, the expansions have been approved for a total of over $76 million. Located on the edge of incorporated Pierce County, Puyallup offers residents a mix of rural and suburban by giving both community amenities as well as quick access to Mount Rainier National Park, the South Sound, Lake Tapps, and ample other outdoor activities. The development is well-positioned to capture steady and higher-than average rents on both retail space and apartments.